The Canadian geothermal developer acquired nearly all of Orka in 2010 despite the loud objections of pop star Bjork, who led a substantial movement against privatization of Iceland’s geothermal resources.
Magma chief executive Ross Beaty has said the sale would help quiet the “political noise” and return cash to his company’s balance sheet.
Magma has two operating geothermal plants in Iceland with cumulative capacity of 175MW.
